Germany offers India 2 billion euros for solar, clean energy

German Chancellor, Angela Merkel, ileft, and Indian Prime Minister Narendra Modi pose for a photograph before a meeting in New Delhi, India, Monday, Oct. 5, 2015. Merkel is on a three-day visit to India.Photo/Saurabh Das)NEW DELHI: German will provide India more than 2 billion euros ($2.25 billion) for developing a clean energy corridor and solar projects, Indian Prime Minister Narendra Modi said on Monday after talks with Chancellor Angela Merkel.

Modi has made ambitious renewable energy targets a key part of his development agenda and climate change mitigation commitments ahead of a landmark international summit in Paris at the end of this year.

"I admire German leadership in clean energy and commitment to combating climate change," Modi told journalists after meeting Merkel, who was on a three-day visit to India.

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The ongoing field development and EOR/IOR projects are expected to produce a cumulative of 54.6 million tonne (mt) of crude oil and 114 billion cubic meter (bcm) of natural gas in the next three to four years, the report said.